Who’s eligible to open an income account as a transition to retirement member?
If you have reached your preservation age, you can effectively semi-retire and start tapping into your super by opening an income account as a transition to retirement member.
Find your preservation age:
Your transition to retirement account will automatically move to the ‘retirement phase’, where there is no tax on investment earnings, as soon as you turn 65.
Opening an account as a defined benefit member
If you’re a member of a defined benefit division of Qantas Super, opening an income account as a transition to retirement member may have an impact on your benefit, so it’s important to seek financial advice.
You can get simple advice over the phone or face-to-face. It’s included as part of your membership, so there’s no extra cost.
It’s important to note that, if your preservation age is before age 60 and you choose to access your super before age 60, tax may be payable on the amounts you withdraw.
How does it work?
Setting it up an income account as a transition to retirement member is easy. All you have to do is:
What happens to your super account?
Because you will still be working, your regular super account will need to stay open in order to receive contributions from your employer. With this in mind, it’s important to ensure that you keep enough money in your super account to cover any admin fees and insurance premiums.
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If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.